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Posted by a culp on April 17, 1997 at 12:47:43:

In Reply to: Re: Please End Rent Regulation posted by MikeW on April 16, 1997 at 14:16:40:

: Then how do you explain Stuyvescent Town? This was (and still is) a private development of Metropolitan Life. They saw a need for moderate income housing, which they could build and operate at a profit. Would they have made this investment if they knew they were going to get hit with rent control immediately after it was built?

Stuy town wasn't built in the 80s, was it? Nor would such a developement (for low- and middle-income tenants) be built now. Have you seen what properties are selling for on the lower east side? and this is not one of the "better" neighborhoods!
Please be realistic. We all know that developers are out to make as much profit as they can. The thing is, eventually the market will crash. By then, however, all of the low- and middle-income people will be long gone (if rent regulation is not renewed).

Follow Ups:

• Re: Please End Rent Regulation bill 4/18/97 (2)
  • Re: Please End Rent Regulation MikeW 4/18/97 (1)
    • Re: Please End Rent Regulation-It's a Choke Hold Still Here 6/03/97 (0)

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: : Then how do you explain Stuyvescent Town?  This was (and still is) a private development of Metropolitan Life.  They saw a need for moderate income housing, which they could build and operate at a profit.  Would they have made this investment if they knew they were going to get hit with rent control immediately after it was built?

: Stuy town wasn't built in the 80s, was it?  Nor would such a developement (for low- and middle-income tenants) be built now.  Have you seen what properties are selling for on the lower east side?  and this is not one of the "better" neighborhoods!  
: Please be realistic.  We all know that developers are out to make as much profit as they can.  The thing is, eventually the market will crash.  By then, however, all of the low- and middle-income people will be long gone (if rent regulation is not renewed).


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